Lake Norman NC Real Estate Bloghttp://www.mayesharrisrealty.com/blogLake Norman NC real estate market news provided by Mayes Harris TeamMon, 18 Feb 2019 03:00:00 GMTMARKET REPORT UPDATE: MOORESVILLE'S JANUARY 2019 STATSThis week we are focusing on the City of Mooresville and we are starting with the Median Sales Price for this area doing a year-over-year comparison. In 2017, the January Median Sales Price was $305,000. In 2018, that dropped by -4.9 percent to $290,000 and then in 2019, we dropped slightly by -1.4 percent to $286,000.

Next, we will take a look at the number of New Listings that came on the market in the City of Mooresville in January. We start with 2 years ago, in 2017, where we see that there were 155 new homes added to the market. In 2018, that number decreased by -9.7 percent to 140 new listings. In 2019, we increased by +40.0 percent to 196 new listings.

The last statistic we will review is the January Median Days on Market. Starting in 2017, we saw 47 median days on market in January. In 2018, that number increased by +4.3 percent to 49 and in 2019, the median days on market decreased by -32.7 percent to 33 days. Quite a decrease!

So there you have it. A quick overview of what is happening in our local market of Davidson. If you have questions or need real estate assistance than please reach out to us. We would love to help you!!

]]>http://www.mayesharrisrealty.com/Blog/MARKET-REPORT-UPDATE-MOORESVILLES-JANUARY-2019-STATShttp://www.mayesharrisrealty.com/Blog/MARKET-REPORT-UPDATE-MOORESVILLES-JANUARY-2019-STATSMon, 18 Feb 2019 03:00:00 GMTMARKET REPORT UPDATE: MECKLENBURG COUNTY'S JANUARY 2019 STATSIt has been a while since I sat down and reviewed the market statistics. We've entered a new year and so it is time. Let's review Mecklenburg County's January 2019 Stats!

Let's get started with the Median Sales Price in January. If we look back at 2017, we see a median sales price of $236,000. The following year, 2018, that price increased by +8.1 percent to $255,000. In 2019, we came down by -2.0 percent to having a median sales price of $250,000 in Mecklenburg County. More than 2 years ago, but slightly lower than 1 year ago.

Next, we are going to review the number of New Listings that came on the market in Mecklenburg County in January. We start with 2 years ago, 2017, and see that there were 1,252 new homes that came on the market. The following year, 2018, there was a slight decrease of -2.6 percent of 1,220 new homes coming on the market. In 2019, however, there was an increase of +13.4 percent with 1,383 new homes coming on the market. Not a huge increase, but definitely more homes than in both 2017 and 2018.

Next statistic we will review is the January Median Days on Market. Starting in 2017, we saw 18 median days on market and then the following year, 2018, we saw a slight decrease of -16.7 percent with 15 median days on market. In 2019, we increased by +66.7 percent to median days on the market of 25.

So there you have it. A quick overview of what is happening in our local market of Mecklenburg County. If you have questions or need real estate assistance than please reach out to us. We would love to help you!!

There's an organizing craze happening lately and it is due to a woman by the name of Marie Kondo. She has this show on tv where people invite her into their homes and she shows them how to organize their surroundings. She starts by having the homeowners put all their things in a pile and then they are to sort through each item while asking themselves if each object brings them joy. Personally, I got a little anxiety watching it, but the concept is a good one.

Clutter affects our lives in many ways as does being disorganized. Let's make getting organized a goal this year. It's actually one of the most common New Year’s Resolutions, along with losing weight and finding love, Here are 5 great ways to get started on organizing your life.

1. Create a Cleaning Schedule – Everyone likes a clean home but very few people like a huge cleaning project. Build a schedule which allows you to clean as you go – daily tasks which are quick and easy to accomplish as part of the routine.

2. Pull out the Crock Pot – Planning meals are easy with a crock pot or pressure cooker. Start your evening meal before you leave for work.

3. Enlist Help – Everyone in the household can help out with daily tasks. Hold a meeting and assign each person with tasks and chores that best suit their interests.

5. Prioritize – The most important way to organize your life is to set priorities. Not everything has to be accomplished all at once. Be realistic and start small. Set goals based on what’s most important.

DENVER – December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes 53 metro areas.

December’s year-over-year decline in home sales of 12.1% set a December record in the 10-year history of the report and also marked the fifth consecutive month that home sales were lower than 2017. December was 2018’s 10th month of year-over-year declines in home sales with only April and July topping 2017 sales.

Most telling was December’s 4.6% growth in inventory, which was also a report record. December’s year-over-year inventory increase marked the third consecutive month of growth – a trend reversing a decade-long streak of year-over-year inventory declines.

“December’s inventory gain, continuing the three-month growth trend, is welcome news,” said RE/MAX CEO Adam Contos. “The market remains choppy and there’s still a long way to go, but these gains represent steps toward a balanced market, which in the long run is healthy for both buyers and sellers.”

While 54 Days on Market was a record low for December sold listings, the 4.1 Months Supply of Inventory was higher than December 2017’s 3.7 months and ahead of November 2018’s 3.9 months supply.

Home buyers paid record amounts throughout 2018 as prices grew year-over-year in every month last year, led by June’s Median Sold Price of $258,500 – an all-time report high. Even so, December’s year-over-year increase of 2.1% was 2018’s smallest, and far lower than the 8.1% price growth from December 2016 to December 2017.

“Home sales have cooled, especially during the second half of 2018, but that was inevitable given the strong seller’s market that has persisted for nearly a decade,” Contos said. “We believe sales activity can pick back up if the pace of price escalation continues to moderate, interest rates tick further downward, and wage growth continues.”

Closed Transactions
Of the 53 metro areas surveyed in December 2018, the overall average number of home sales is down -8.5% compared to November 2018, and down -12.1% compared to December 2017. None of the 53 metro areas experienced an increase in sales year-over-year.

Median Sales Price – Median of 53 metro median prices
In December 2018, the median of all 53 metro Median Sales Prices was $240,000, up 2.1% from November 2018, and up +2.1% from December 2017. Eight metro areas saw a year-over-year decrease in Median Sales Price, including Honolulu, HI, -7.7%, Birmingham, AL, -4.6%, and Billings, MT, -2.6%. Five metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, ID, +13.1%, Wichita, KS, +11.1%, and Salt Lake City, UT, +10.3%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in December 2018 was 54, up three days from the average in November 2018, and down three days from the December 2017 average. The metro areas with the lowest Days on Market were Omaha, NE, at 26, a tie at 37 in San Francisco, CA, and Salt Lake City, UT, and a tie at 38 in Nashville, TN, and Las Vegas, NV. The highest Days on Market averages were in Trenton, NJ, at 113, a tie at 90 in Augusta, ME, and Hartford, CT, and Burlington, VT, at 88. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in December 2018 was down -10.8% from November 2018 and up +4.6% from December 2017. Based on the rate of home sales in December, the Months Supply of Inventory increased to 4.1 from 3.9 in November 2018 and increased compared to December 2017 at 3.7. In December 2018, four of the 53 metro areas surveyed reported a months supply over six, including Miami, FL, at 10.9 and Augusta, ME, at 8.9, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory are San Francisco, CA, at 1.8, Denver, CO, at 2.1, and Minneapolis, MN, at 2.2.

You probably instinctively realize that rising interest rates will affect home buyers. The interest rate you pay can make a big difference in the size of the home loan you will qualify for as well as the price of the home you’ll be able to buy. Mortgage brokers use the monthly mortgage payment to determine how much you can afford to pay. Of course the larger the payment, the harder it is to qualify.

Interest Rate And Its Effect On Affordability

All mortgage payments include principal and interest as part of the total cost. Lenders use this payment to determine how much you can borrow for the home loan. Commonly, you can have 31-35% of your total monthly gross income as a loan payment. It follows that you want the principal portion of your home mortgage payment to be as high as it can be so you qualify for a more expensive home.

We are still seeing all-time low rates but more increases are predicted. A home mortgage is the best hedge against inflation. By purchasing a home now, you lock in your monthly housing cost, which as we’ve already seen is the largest monthly expense for most families.

Interest rates are one of the biggest factors that affect your ability to finance a home purchase. Along with your credit score and employment history, the amount of interest you pay on the loan has a big impact on affordability.

With the start of the New Year, thoughts naturally turn to change. If one of your New Year’s Resolutions is to sell your home, then making the right resolutions can help you sell your home quickly and for the best possible return.

Top 7 New Year’s Resolutions for Home Sellers

Move Up Spring Cleaning – Time to do your spring cleaning now. Declutter, depersonalize and make the home look roomier.

Stage Your Home – Whether you hire someone or do it yourself, this is the time to rearrange your furniture to make your rooms look bigger and brighter.

Think it Through – Before you spend money on renovations and upgrades, think carefully and don’t overspend by guessing.

Take Care of Neglected Repairs – This is a great time to hire a handyman or break out the tool belt to take care of deferred maintenance and take care of minor repairs.

Interview Real Estate Agents – Hiring a real estate agent is critical to your success. Take the time to interview a number of agents and choose the right one for your needs.

Check out the Competition – Go see homes listed for sale in your area and adjust your timing, staging, and pricing based on the market.

Prepare Mentally – Selling a home can be stressful. Be prepared for low offers, picky buyers, drop-by agents, and odd terms. Prepare yourself now so you will take them in stride when you’re on the market

Small bathrooms don’t have to be dark and dank. Contrary to popular belief, making a small bathroom appear larger is not as hard as it seems. Here are 10 easy ways to quickly make a small bathroom look bigger.

1. Mirrors – Add larger mirrors to reflect light and provide the illusion of space.
2. Lighten Up – Lighting doesn’t have to be harsh, but adequate lighting is a must.
3. Remove Barriers – Open up the room with clear glass shower doors or shelves.
4. Monotone Decorating – Use the same light colors on walls, countertops, floors, and cabinetry to allow for the eyes to flow through the space.
5. Negative Space – Consider using a pedestal sink which takes less space than traditional cabinets.
6. Declutter – Find locations out of sight for toiletry items.
7. Heads Up – Use the vertical space in the room too, tall cabinets provide storage and add interest to the room.
8. Store Mats and Towels – Keep towels and floor mats out of sight unless in use. A simple hand towel in a complementary color tone is all most guests need.
9. Pocket Doors – Where you have room, use pocket doors or popular barn sliding doors to add extra space inside the bathroom.
10. Glass – Clear glass shower doors is a great way to remove a visual barrier and make the room seem larger.

With the popularity of the home remodeling shows, homeowners across the country are anxious to take out their toolbox and remodel their home too. Most often, remodels are better suited to professionals however, and this can cost significantly more. Regardless of the method, remodeling projects are not inexpensive, so making the best impact for the cost is important. Here are the top 5 rooms to remodel in 2019.

Kitchen – Always a great return on investment. From functional spaces to bona find living areas, add extra seating, lighting and entertaining spaces such as a bar or counter.

Backyard Kitchen/Family Room – The backyard is an extension of the interior. Section off areas for an outdoor kitchen and family room. Add a fireplace or even a TV.

Master Bedroom – Always a place to retreat and refresh. Master bedrooms are getting makeovers with calm soothing paint colors, large picture windows and balconies or patios.

Guest Bathroom – While not often the first thought, a powder room is easy to remodel and gives a great impression. Make the space look larger with a monotone color scheme.

Bonus Room/Media Room – Create a unique family space with a media room or bonus room. Extra space which will bring more than its share of cost when selling.

The cold weather is here even in the South. Regardless of whether you’re packing up a vacation home for the season or simply traveling from your primary residence for a week or two, caring for a vacant home during the winter months is important. Protecting one of your best assets is critical in the colder weather.

Keep Your Home From Looking Vacant - Colder weather means fewer neighbors out and about. New technology, such as Alexa, can help you make the home seem occupied. Add a video doorbell and/or CCTV to allow you to “watch” your home from anywhere.

Protect Your Pipes – Bursting pipes can cost thousands of dollars to repair. Drain your pipes by opening faucets and flushing toilets, and then turn off the water before you leave.

Keep a Minimum Temperature – Even with drained pipes, the home temperature should not drop below 55 degrees. Appliances, hot water heater and other systems still risk damage in freezing temperatures.

Perform Preventative Maintenance Before You Leave – In addition to basic upkeep, make sure your systems are working properly. Heating and cooling systems, appliances, wiring and outlets can all create a fire hazard if not in good condition. Unplug all appliances and unnecessary lights before you leave.

Have an Emergency Plan – Make sure someone is available for help in an emergency

The long evenings of the winter months invite families to stay home and enjoy the warmth of their own home. Naturally, attention turns to the fireplace as both providing extra heat and as the focal point of the room. New technology and environmentally friendly design have brought contemporary updates that are sleek, fashionable and playful.

Finishing – Fireplace finishes have changed. New products such as the Cool Wall Series open a wide variety of design options by allowing a cool surface as a backdrop for finishes.

Larger Openings – One of the leading trends in fireplace design is enlarging the viewing window of the fireplace. A simple retrofit of an existing fireplace can make a huge difference in the look of any room.

Corner Fireplaces – This popular feature of the 1990s is back with modern updates. Two or three-sided fireplaces with sleek styling and elegant accents, such as wood or metal, are providing a centerpiece for rooms.

Fireplace Walls – Linear fireplaces that stretch the length of the wall is one trend showing up in model homes across the country. Monotone colors and clean lines finish this modern trend.

The holiday season is here. Decorating magazines and storefronts are filled with beautiful wreaths, themed pillows and festive decorations, but this can be expensive. Decking the halls doesn’t have to cost a fortune. Add some freshness to your home this season with these inexpensive ideas.

DIY Ornament Wreath – Find some inexpensive ornaments and use your hot glue gun to attach to a wreath shape.

Fresh Greenery – Extra cuttings from the tree or even an evergreen in your yard adds charm to your front door, table or mantle.

Candles – Real or fake, candles create ambiance throughout the home. Use silver or white candlesticks and holders to contrast with fresh greens for a modern look.

Fairy Lights – Adding battery powered light strands to wreaths, tucked in greens and trimmings and clear bowls filled with ornaments can add a sparkle to the room.

These are just a few tips for decorating your home this year for less money and have fun doing it.

]]>http://www.mayesharrisrealty.com/Blog/Holiday-Décor-For-Lesshttp://www.mayesharrisrealty.com/Blog/Holiday-Décor-For-LessWed, 05 Dec 2018 03:00:00 GMTMarket Report October Update: Mecklenburg CountyTime to do a quick review of the real estate market in Mecklenburg County for October of 2018. Hard to believe we are nearing the end of yet another year. It went fast, didn't it?!

Let's take a look at the summary of a year-over-year comparison for real estate activity in Mecklenburg County starting with October's new listings. There were 1,958 new listingsin October 2018, which was an 8.1 percent increase from October 2017 where there were 1,811 new listings.

The median sales price was $250,000 in October 2018, which was a 7.3 percent increase from October 2017, where it was $233,000.

The days on market until sale increased by 6.5 percent to 33 days in October 2018. In the year previous, October 2017, it was 31 days on market until sale.

Here's a nice visual graph which shows a good summarization of year over year changes for Mecklenburg County. New listings up 8.1 percent, closed sales down 13.6 percent, median sales price up 7.3 percent and months supply of homes increased by 5 percent.

The median sales price chart below shows the direction of the market in an upward motion from 2013 onward.

If you would like to discuss listing your home or anything about the local real estate market, don't hesitate to reach out. That's what we're here for.

It is a question that sellers often contemplate and that is, "Why I should I spend money to stage my home?" Ask most any real estate professional that question and they will usually give you several reasons why and here are my top 5 reasons.

1. Staging doesn't have to cost you a lot of money, but the return in investment is why people choose to move forward with the action of home staging. If you hire a certified stager your return can be an average of 10 percent better in the final sales price than a non-staged home. 10 percent can definitely add up!!

2. Buyers are able to visualize living in a home if it is staged because certified home stagers know just how to present the home at a non-emotional level which is hard for the homeowners to do. When buyers can visualize living in the home then the offer is more likely to be written.

3. Online marketing will stand out better. Online marketing has become very powerful in selling homes these days and good photography is essential. So a staged home assures that the photography will be top notch and the first impression will be a good one!

4. Staging will actually help buyers overlook nonessential flaws on the home that they might otherwise be drawn to in a non-staged environment.

5. Homes that are staged sell FASTER!

Seventy-seven percent of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home. NAR RESEARCH REPORT

So sell faster. Sell for more money. Look nicer. That's about it! Contact me if you need help or real estate advice.

Gina Mayes HarrisRE/MAX Metro

]]>http://www.mayesharrisrealty.com/Blog/Why-Should-I-Consider-Staging-My-Homehttp://www.mayesharrisrealty.com/Blog/Why-Should-I-Consider-Staging-My-HomeThu, 15 Nov 2018 03:00:00 GMTThe 4 Factors That Determine The Length of Time A Home Is On The MarketThere are 4 factors which directly impact the length of time a home sits on the market and they are the following:

Location is not something you can control, but it will have an impact on your home's listing price. Let's discuss the 4 factors you can control.

Condition - The condition of the home/property. Has their been upgrades? Is the decor dated or is that up-to-date? What renovations have their been? When was it painted last? How's the landscape? So many things to factor in.

Pricing - If it is on the market over 30 days then in most areas that would indicate the price is too high for the current demand.

Terms - What terms can you offer that would make the listing more attractive and more competitive with the other active listings in your area?

I'm sure you've heard the term that the market determines the price on a home, right? This is true.

Homes typically sell for the most within the first 30-days. After 30-days a home which is still on the market needs to have a review as to why. Re-adjusting the listing price is probably going to be your best strategy to get things moving again. The price is the MOST important factor in selling your home.

I think that's it. I hope this helps you if you are considering selling your home or if your home is currently on the market and you are wondering why it is STILL on the market.

From the moment you enter the grounds at 200 Cape Cod Way on the Point in Mooresville, you sense you've entered a different way of life. Built on a peninsula in a high-end community which is home to Trump National Golf Club is where you'll find this beautiful estate. Built in 2005, this customized 5,836 square foot, 4 bed 5.5 bath masterpiece is sure to impress! Touring the grounds you'll notice the exterior is built with cedar shake and stone construction which results in very low-cost maintenance. Also impressive is the lake frontage that comes with this estate OVER 90 FEET! Not only that but enjoy having your boat parked at your very own boat slip which is located on the pier. The landscape is beautifully surrounded with lights to enjoy in the evening and there s an irrigation system that helps in the drier season. Also, there is more than enough outdoor areas to take in the views with a large outdoor seating area, a screened in porch, and a gorgeous natural area in the backyard. Entering this magnificent estate you'll find exquisite wood floors at every turn and plenty of entertaining options with a formal dining room, living room, theater/office room, and a family room. For personal use, you'll find an exercise room, a huge full pantry, laundry room with sink and built-in cabinets and tons of shelving for storage, upstairs bonus room and trey ceilings in both the master bedroom and bath with heated floors in the master bedroom and bath! A great conversational piece is the 8 x12 Mural of the Augusta National Fame No. 16th hole. There are 3 fireplaces with gas logs to enjoy with friends and family or to relax with by yourself. You also will appreciate the indoor batting cage and driving range when the weather prevents you from going outdoors. The home is energy efficient with Icynene home insulation. Finally, this home comes with so much storage including a large additional storage room in the basement, unheated additional storage in the lake room and a 3-car garage with shelving! Call us today for your private tour!

Here are some things the current owners particularly loved about the home -

🔸The in-law suite with private entrance
🔸The reputation of the builder, Jay Young, and his crew - Dale, Larry, Mike and Amy
🔸The beach
🔸The boardwalk around the cove and to the pier
🔸The quiet cove (we had a trampoline out there when the boys were young)
🔸The quiet cul-de-sac
🔸The big front yard and big backyard (boys had many baseball and football games in these yards)
🔸The heated master bedroom floor
🔸The kitchen and the screened porch
🔸The Icynene insulation promising lower energy bills (our bills are lower than all of our neighbors!)
🔸The proximity to Woodland Heights Elementary School
🔸 Golf course in the front yard and lake in the back

]]>http://www.mayesharrisrealty.com/Blog/200-Cape-Cod-Way-Mooresville-NC-28117http://www.mayesharrisrealty.com/Blog/200-Cape-Cod-Way-Mooresville-NC-28117Sun, 04 Nov 2018 03:00:00 GMTSeptember Real Estate Market Update - Davidson, NCWe are starting off the review of the Davidson Market for September with homes for sale. If you look at the visual below you will see that in 2016, there were 115 homes for sale and that number increased by 3.5 percent in 2017, to 119 homes for sale. In 2018, we further increased the number of homes for sale in September by 8.4 percent to 129 homes for sale.

The next graph is the median sales price. In 2016, the median sales price was $436,752 and that number actually decreased by 22.3 percent the following year, 2017, to $339,250. In 2018, however, the median sales price increased by 37.2 percent to $465,305! That was more than both 2016 and 2017!

Next, the median list to close days shows us how many days on the market the property was from the time it was listed until the time it closed. In 2016, and 2017, the time was very similar and only varied by 1 day. In 2018, the list to close days was increased by 20.8 percent to 93 days.

The next visual is very interesting and this shows the median showings to pending. As you can see, in 2016, it was 15 showings and in 2017, it was 17 showings. We jumped up to 21 showings in 2018, which was a 23.5 percent increase from 2017.

Our last visual is of the September Median Percent of Original Price - AVERAGE. In 2016, it was 97.8 percent of the original price and in 2017, that number decreased slightly by .2 percent to 97.6 percent of the original price. In 2018, another slight decrease from the previous year of 3.4 percent to 94.3 percent of the list price. Remember the sales price increased in 2018, by 37.2 percent and so that makes a huge difference!!

Hopefully, this overview will help you decide if now is the right time to put your home on the market. Please contact me if you have questions or need assistance.

]]>http://www.mayesharrisrealty.com/Blog/September-Real-Estate-Market-Update-Davidson-NChttp://www.mayesharrisrealty.com/Blog/September-Real-Estate-Market-Update-Davidson-NCWed, 31 Oct 2018 03:00:00 GMTSeptember 2018 RE/MAX National Housing ReportThe RE/MAX National Housing Report for September 2018 showed the trends of fewer closings and stabilizing inventory continued through September, punctuated by a surprisingly big 11.6% year-over-year drop in home sales. At the same time, the RE/MAX National Housing Report for September 2018 posted a Median Sales Price of $241,000 that marked the 30th consecutive month of year-over-year price increases. It is the highest September price in the 10-year history of the report.

The decline in home sales year-over-year was the largest since May of 2011, as September became the seventh month of 2018 to record lower sales than 2017. Even so, year-to-date 2018 home sales resemble 2017’s.

“The big drop in September closings catches your attention. The market is clearly rebalancing as buyers and sellers continue to process the increasing interest rate environment and what that means to them,” said RE/MAX CEO Adam Contos. “The slower drop in inventory – a visible trend for nearly half a year – further illustrates the ongoing shift toward market equilibrium, and that’s healthy in the long-term.”

Active inventory dropped for the 119th consecutive month, the decline of 4.7% from September 2017 was the smallest year-over-year decrease since August 2014. In addition, the September year-over-year inventory drop was the fifth consecutive month in 2018 to post single-digit percent declines rather than the double-digit monthly drops consistently seen over the previous three years.

“It’s a little surprising to see prices staying so strong, but it’s hardly shocking in such a tight market,” said Contos. “The headwinds of rising prices and interest rates amid already tight inventory levels have been crimping affordability and slowing sales for most of the year, but it varies by geography. In circumstances like these, where the market is tricky to navigate, both buyers and sellers can benefit by aligning themselves with a professional agent – a local expert who can cut through the noise and advocate on their behalf.”

Other highlights include:
Home prices rose by 5.6% over September 2017, more than twice the year-over-year price increase of 2.3% from September 2016 to September 2017. That reversed a trend seen in the previous three months, when year-over-year price increases trailed 2017’s rate of growth.
Months Supply of Inventory totaled 3.7, which is the second-lowest for September in report history, second only to 3.6 months in September 2017.
Days on Market of 46 was a September record for the report – three days less than September 2017.

Closed Transactions
Of the 54 metro areas surveyed in September 2018, the overall average number of home sales is down 24.4% compared to August 2018, and down 11.6% compared to September 2017. Six of the 54 metro areas experienced an increase in sales year-over-year, including Orlando, FL, +17.2%, Tampa, FL, +8.5, Miami, FL, +6.8% and Birmingham, AL at +4.0%.

Median Sales Price – Median of 54 metro median prices
In September 2018, the median of all 54 metro Median Sales Prices was $241,000, down 3.2% from August 2018 and up 5.6% from September 2017. Only three metro areas saw a year-over-year decrease in Median Sales Price; Birmingham, AL, -2.1%, Anchorage, AK, -2.0% and Honolulu, HI, -1.7%. Seven metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, ID, +17.9%, Manchester, NH, +13.4% and Salt Lake City, UT, +11.9%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in September 2018 was 46, up three days from the average in August 2018, and down 3 days from the September 2017 average. The metro areas with the lowest Days on Market were Omaha, NE, at 19, San Francisco, CA, at 26, Seattle, WA, at 27, and five markets tied at 29 –Denver, CO, Cincinnati, OH, Indianapolis, IN, Las Vegas, NV, and Salt Lake City, UT. The highest Days on Market averages were in Augusta, ME, at 90, Burlington, VT, at 87, Hartford, CT at 81 and Miami, FL, at 79. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 54 metro areas
The number of homes for sale in September 2018 was down 1.0% from August 2018 and down 4.7% from September 2017. Based on the rate of home sales in September, the Months Supply of Inventory increased to 3.7 from 3.0 in August 2018 and increased compared to September 2017 at 3.6. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In September 2018, all but two of the metro areas surveyed – Miami, FL, at 8.0 and New York, NY, at 6.0 – reported a months supply less than 6.0, which is typically considered a seller’s market. The markets with the lowest Months Supply of Inventory are San Francisco, CA at 1.9, Boise, ID, and Denver, CO, at 2.0 and Salt Lake City, UT, and Omaha, NE, both at 2.3.

About the RE/MAX Network

As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with over 120,000 agents in more than 100 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. Dedicated to innovation and change in the real estate industry, RE/MAX launched Motto Mortgage, a ground-breaking mortgage franchisor, in 2016 and acquired booj, a real estate technology company, in 2018. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit www.remax.com/newsroom.

Description
The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on MLS data in approximately 54 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions.

Definitions
Transactions are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pended) during the month. Where “pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the survey.

MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

The September 2018 RE/MAX National Housing Report infographic shows housing market trends throughout 54 metro areas. The report is based on MLS information, includes all residential properties and is not annualized.

New listings jumped 8% year-over-year nationally, the largest increase since 2013

Total listings in the 45 largest markets are now up 6% on average over last year

This increase in housing inventory has sparked two different reactions. Some are saying this is the first sign of a potential collapse while others are saying it is a welcomed reprieve from the lack of inventory that has stalled the market recently. As Zelman & Associates reported in a recent ‘Z Report’:

With the rate of home price appreciation starting to decelerate alongside the uptick in inventory, we expect significant debate whether this is a bullish or bearish sign.

Is this a sign the market might crash?

There are those who look at the increase in inventory as a sign that we are returning to the market we saw last decade. However, a closer look shows that we are nowhere near the levels of inventory we reached before the crash in 2008.

A normal market would have about 6-months inventory, but the latest Existing Home Sales Report issued by the National Association of Realtors revealed that:

Unsold inventory is at a 4.3-month supply at the current sales pace up from 4.1 months a year ago.

A decade ago, prices began to rapidly depreciate in June 2007. At that time, we had a 9.1-month supply (more than double what it is today) and inventory kept rising until it hit a peak of 11.1 months in April of 2008.

With the current levels of buyer demand, any such increase in months supply is highly unlikely. As Danielle Hale, realtor.com’s Chief Economist explains:

After years of record-breaking inventory declines, September’s almost flat inventory signals a big change in the real estate market. Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize. But don’t expect the level to jump dramatically.

Plenty of buyers in the market are scooping up homes as soon as they’re listed, which will keep national increases relatively small for the time being.

What will be the result of the increase in inventory?

The increase in inventory will allow many families who had been unable to find a home to finally become homeowners. Again, we quote from the ‘Z Report’:

In our view, the short-term narrative will probably be confusing, but more sustainable growth and affordability will likely be the end result.

Bottom Line

If you are either a first-time or second-time buyer who has given up, let’s get together discuss the inventory available in our market.

]]>http://www.mayesharrisrealty.com/Blog/An-Increase-in-Housing-Inventory-Has-Sparked-Two-Different-Reactionshttp://www.mayesharrisrealty.com/Blog/An-Increase-in-Housing-Inventory-Has-Sparked-Two-Different-ReactionsThu, 18 Oct 2018 03:00:00 GMTLess Than a Fifty Dollar Difference In Renting vs Buying in 6 StatesIs that not an amazing statement to ponder. Guess where we, North Carolinians, fall in that category? Yes! We are within those 6 states where there is less than a fifty dollar difference in renting vs. buying.

And according to a study by GoBankingRates, it is cheaper to buy a home than rent in 38 states across the country and nationwide, it is now 26.3% cheaper to buy. All this is pointing to one action! Buy now if you are the slight bit interested in upsizing, buying your first home or even downsizing. Now is the time. Contact us if you need assistance or have questions.